Fitch Cuts Philippines’ Rating Outlook as Growth Prospects Dim

Fitch Ratings revised its outlook on the Philippines’ credit rating to negative from stable, saying a decline in public investment and rising energy costs have created risks to the Southeast Asian nation’s economic growth.

The outlook change reflects “rising risks to the Philippines’ strong medium-term growth prospects from recent disruptions to public investment, exacerbated in the near-term by elevated exposure to the ongoing global energy shock,” Fitch said in a report on Monday.